Eligibility requirements for the Canada Emergency Business Account (CEBA) have changed, so that more small businesses will be eligible for the CEBA program. I would encourage you to check out our COVID‑19 support website for details and to apply.
A CEBA loan is a $40,000 interest‑free, government‑guaranteed loan to help businesses impacted by COVID‑19 with their operating costs. $10,000 of the loan is eligible for forgiveness if the business pays back $30,000 by December 31, 2022. After this date, the loan can be converted into a 3‑year term loan at an interest rate of 5%.
NEW: Effective immediately, Canadian businesses whose total 2019 payroll was between $20,000 and $1,500,000 can now apply.
If you meet the new eligibility criteria and have not already been approved, please apply through our COVID‑19 support website.
Please note that we do not have the ability to process applications at the branch, through our Customer Contact Centre or a relationship manager—the program is only available through our BMO COVID‑19 support website.
You are eligible to apply if you have a business or not‑for‑profit organization and:
 •An operating company registered in Canada. •BMO is your primary bank. If BMO is not your primary bank, please visit your primary bank’s website for more information. •You have a BMO business operating account that was opened on or before March 1, 2020. •NEW: Annual payroll between $20,000 and $1,500,000. This is based on your 2019 T4 Summary of Remuneration Paid Slip (T4SUM).
The eligibility criteria are provided to us by the Government. You can find their full criteria and a step‑by‑step guide to completing the application on our COVID‑19 support website.
To apply you will need:
 •Your 2019 T4 Summary of Remuneration Paid Slip (T4SUM). •Your BMO Bank of Montreal Business Account number and transit number. (This information is available on either your BMO Bank of Montreal Business Bank statement or your BMO Bank of Montreal Business Account cheques.)
Please be aware of increased fraudulent activity and phishing scams at this time. Keeping your information safe is something we take very seriously at BMO. We will never send you an email asking you to provide personal or confidential information (such as your debit or credit card number, passwords or identification such as Social Insurance Number or Driver’s Licence). If you receive a suspicious email purporting to be from BMO or a member of BMO Financial Group, do not reply or click on any links. Instead, report the suspicious email to immediately and then delete the email. For more information please visit for ways to help protect yourself from phishing scams.
As always, we are committed to supporting you and your business. We will continue to share new information on our COVID‑19 support website so please visit regularly for updates.